State Bank Regulators Sue to Stop OCC Fintech Charter

The Conference of State Bank Supervisors has sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for the District of Columbia over the OCC’s plan to issue bank charters to fintech firms. This new litigation follows on from a similar suit filed by the New York Department of Financial Services last month. The legal turmoil surrounding the new charter will likely complicate the OCC’s efforts to make it a reality as many firms are hesitant to apply. Source.